Indian Bank Q4 Update and Technical Analysis

has reported a robust Q4 FY24 performance, showcasing consistent growth across key metrics. The bank’s total business stood at ₹13.25 lakh crore, marking a 5.1% quarter-on-quarter (QoQ) rise from ₹12.61 lakh crore in Q3. On a granular level, total deposits increased 5% QoQ to ₹7.37 lakh crore (vs. ₹7.02 lakh crore in Q3), while gross advances rose 5.2% QoQ to ₹5.88 lakh crore from ₹5.59 lakh crore, indicating healthy credit offtake. Profitability remained strong. The net profit surged 35% year-on-year (YoY) to ₹2,852 crore, compared to ₹2,119 crore in Q4 FY23. This growth was backed by a 10.3% rise in Net Interest Income (NII), which increased to ₹6,415 crore from ₹5,814 crore in the previous quarter. The bank also posted an improvement in asset quality. Gross NPA reduced to 3.26% from 3.48% QoQ, and Net NPA declined to 0.21% from 0.27%, reflecting better credit risk management. Operational efficiency continued to improve with the operating margin rising to 26.52% in Q3 FY24, up from 25.45% in the same period last year. Meanwhile, the net profit margin strengthened to 15.92%, compared to 13.16% YoY. Technically, Indian Bank (INDIANB) is showing signs of bullish momentum on the daily chart as it trades at ₹546, comfortably above its key moving averages—9 EMA at ₹542.66, 70 EMA at ₹523.14, and 100 EMA at ₹535.37—indicating short-to-medium-term strength. The stock has recently broken above a crucial resistance zone near ₹535 and is currently testing the ₹557–₹560 level. A successful breakout above this zone could open the door for a rally towards ₹595–₹600, with RSI at 57 supporting bullish sentiment without being overbought. On the downside, immediate support lies at ₹535, followed by ₹523 and ₹514. Unless it breaches ₹510, the broader structure remains positive, with range-bound accumulation likely turning into a sustained uptrend if broader banking sentiment supports. Note: This is for informational purpose only.